What is NFT? Best 5 NFT Marketplaces to Buy and Sell in 2022

 

Non Fungible Token
Image Source: Bitcoin news

NFTs are becoming increasingly popular as a form of art ownership, and entire ecosystems started popping up around their exchange. NFT marketplaces are becoming more popular as a way to do seamless NFT transactions and earn massive returns.

First of all, let’s discuss a little about NFT.

What is NFT: 

NFT stands for a Non-Fungible Token, which means it has unique attributes and cannot be replaced or interchanged. 

NFT is a digital asset that symbolizes digital valuables such as games, music, videos, photos, and other types of digital files, with a genuine certificate issued using Cryptocurrency’s blockchain technology.

Just how fast is the NFT market growing? According to Market Watch, the marketplace OpenSea saw raise of $3.4 billion in Ethereum transaction volume in August 2021.

There are numerous NFT marketplaces available, and many of them specialize in one or more areas. What should you seek in a platform, and where can you find the best NFT marketplaces?

In this article, we will discuss the best crypto platforms for buying and selling NFTs. I’ll recommend my top five NFT Marketplaces to you. I also included all of the Pros and Cons for each platform; this will be very useful for NFT investors.

1. The OpenSea 

OpenSea Platform
Image Source: OpenSea.io

OpenSea is the largest peer-to-peer NFT marketplace. OpenSea is the market leader in terms of NFT sales. The OpenSea platform offers a diverse selection of digital content, and it’s absolutely free to sign up and browse.

OpenSea is a decentralized NFT marketplace built on the Ethereum network that enables users to effectively generate, swap, and trade NFT assets.

OpenSea accepts 241 different payment methods, including stable coins, making it possible for everyone to trade on the platform.

OpenSea has a lifetime trading volume of nearly $10 billion, according to DappRadar data. This NFT platform controls 97 percent of the market and has a trading volume 12 times that of its nearest competitor.

Location: New York

Categories: Digital art, games, music, virtual worlds, domain names, collectibles

Supporting token: ERC-721, ERC-1155

Pros:

  • OpenSea supports Metamask as well as a number of other wallets, including Coinbase Wallet, Fortmatic, and Dapper.
  • With the new collection management tool, there are no gas fees, which is great.
  • It provides excellent security, and the website is user-friendly and simple to navigate.
  • It’s also a smart place to start if it’s your first time minting an NFT or trying to buy or sell one.

 Cons: 

  • Compared to many other marketplaces, OpenSea offers low royalties (10%). 
  • The platform doesn’t support fiat currencies like the US dollar.
  • Because it’s based on Ethereum, the blockchain is energy-intensive and offers limited customer support.

2. Rarible

Rarible
Image Source: Cryptowisser

Rarible is a community website that features a diverse selection of digital art and collectibles. It is one of the most important NFT markets for Ethereum. Charges a reasonable fee rate for NFTs in art, photography, music, domain names, DeFy games, and Metaverse forms.

Rarible’s one-of-a-kind selling point is its seemingly limitless supply of NFTs; collectors can buy any variety of NFT they can think of. However, similar to OpenSea, you’ll have to buy and sell using Rarible, the marketplace’s own token.

Rarible’s total trade volume is currently over $250 million, according to DapRadar.

Location: Wilmington, Delaware 

Categories: Photography, Digital art, metaverse, music, games, memes

Supporting token: ERC-721, ERC-1155

Pros:

  • The first benefit is that it is built on an open-source codebase, plus it’s a non-custodial market. So, until you sell your NFTs, or you buy them, you will always be in possession of them.
  • As a result, it’s quite safe. The platform is also user-friendly for beginners, as creators can create tokens without needing to know how to code.
  • And this platform offers peer-to-peer NFT trading at low costs. So that is really good. 

Cons:

  • Rarible doesn’t have a white paper or any equivalent illustrating milestones, so we have no idea what they will do in the future.
  • The platform only accepts ERC-20 tokens and Gas fees both the seller and the buyer a 2.5 percent fee. This appears to be a little hefty.

Also Read: Decentraland (MANA) The World of Metaverse Gaming: Is MANA Coin a Good Investment?

3. SuperRare

SuperRare
Image Source: SuperRare

SuperRare advertises itself as a more upscale version of Rarible. like Rarible, it also creates a marketplace for digital producers. Collectors can purchase artwork using Ethereum on the site, which includes videos, art, and 3D imagery.

They term their method of sorting projects “true crypto art,” implying that this is a new elite. To sign up for SuperRare, you’ll need a compatible wallet like MetaMask or Formatic.

Their website address is superrare.com, where you may find out more information. Actually, they appear to have some very unique designs and NFTs. They also have a token, which is currently ranked 382 and is worth $1.64. The maximum supply is one billion units.

Location:  Newark, Delaware

Category: Digital art

Pros:

  • They deliver high-quality unique crypto art only. To put it another way, quality comes first.
  • The platform is only dedicated to crypto art and does not engage in NFT memes or games.
  • Finally, the platform offers a variety of options for curating top-notch NFT collections.

 Cons:

  • SuperRare only accepts payments in Ether. 
  • This platform charges exorbitant fees, including a 3% premium on buyers and a 15% fee on the project’s original sale.

4. Mintable

Mintable
Image Source: minatable.app

Mintable is a gasless NFT marketplace where you can mint NFTs from your memes, video, and music files. Signing up for the platform requires a MetaMask wallet, which is built on the Ethereum and Zilliqa blockchains. To participate in the buying and selling of NFTs on Mintable, you’ll need Ethereum.

This platform offers three types of tokens: gasless, regular, and printable, with premiums of 2.5, 5%, and 10%, respectively.

NFT DAO, a community-driven governance mechanism, is also available on the platform.

Location:  Singapore 

Categories: Photography, digital art, videos, games, templates, domain names

Supporting token: ERC-721

Pros:

  • Mintable is free and simple to use, and there are no gas fees.
  • It gives a fast NFT trading method that is open to everybody. As a result, registering and utilizing an account will be a delight.

Cons:

  • The platform charges high transaction fees and has limited wallet connectivity, therefore it’s not ideal.
  • This platform’s website is mintable.app. Mintable has 43K Twitter followers, and you can learn more about them at dappradar.

Also Read: Solice Crypto Metaverse Explode in Solana | ICO and Complete Analysis

5. Foundation

Foundation
Image Source: Osiztechnologies

The Foundation platform serves as a link between crypto natives, digital innovators, and collectors in efforts to progress culture. It calls itself the new creative economy. Its main foundation is digital art.

The objective of the Foundation is to bring together collectors and artists in order to promote art.

To become a creator, you must acquire an invitation from a platform member; Artists are invited to the platform by the Foundation community, you cannot simply go there and sign up without one. 

The marketplace has sold approximately $100 million in NFTs since its launch in early 2021.

Location: Los Angeles

Category: Digital art

Supporting token: Proprietary, ERC-721s

Pros:

  • Foundation is a platform that is driven by the community.
  • From Foundation, creators can distribute their NFTs to various marketplaces.
  • Foundation has a strong customer service team.

Cons:

  • As previously stated, the foundation has a closed onboarding system.
  • This platform also runs a premium service. Outside of the standard Gwei, Foundation.app charges a service fee. All sales are subject to a 15% service fee.

So, guys, that concludes this top five. I hope this article gave you a basic overview of the NFT  as well as the top NFT Platforms to watch in 2022 and beyond.

Disclaimer: The cryptocurrency market is extremely volatile. This post’s entire information is intended only for educational purposes. Only invest when you’ve completed your research and reached a final decision.

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